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Sri Lanka raises defence spending by six percent
October 19, 2010 (AFP) – Sri Lanka announced Tuesday it would raise defence spending by six percent in 2011 — broadly in line with annual hikes announced during the government’s war with Tamil rebels. Sri Lanka’s fiscal deficit shot up to 9.7 percent of gross domestic product in 2009, exceeding the seven percent target set […]
SriLankan Airlines adds flights to India
Oct 19, 2010 (LBO) – SriLankan Airlines plans to improve connections to major Indian cities by adding several flights to Mumbai, Chennai and Bangalore, a statement said. Also, large numbers of Indian travellers transit Colombo to destinations as far as North America, Europe and the Far East, as well as nearer regions such as the […]
” rights groups
LONDON, October 19, 2010 (AFP) – Sri Lanka’s foreign minister Gamini Lakshman Peiris rejected “colonial” criticism Tuesday of a government-appointed civil war probe, after foreign rights groups snubbed an invitation to attend. New York-based Human Rights Watch, London-based Amnesty International and Brussels-based International Crisis Group last week accused the panel of a cover-up and refused […]
Canada welcomes Thai move on Tamil migrants
OTTAWA, October 19, 2010 (AFP) – Ottawa on Monday welcomed Thailand’s arrest for possible deportation more than 150 Tamil migrants who some reports said wanted to seek asylum in Canada. “These people are minority Tamils fleeing war in their country and seeking asylum through the UN. But they came to Thailand with tourist visas, allowing […]
Sri Lanka central bank keeps policy rates unchanged
Oct 19, 2010 (LBO) – Sri Lanka’s central bank will maintain benchmark interest rates at current levels as inflation remains low, credit flows are picking up and economic growth strong, a statement said. The Monetary Board of the bank at Monday’s meeting decided to maintain the Repurchase rate and the Reverse Repurchase rate at 7.25 […]
Sri Lanka urged to become part of global supply chain
Oct 19, 2010 (LBO) – Sri Lanka must integrate itself with global production processes and markets instead of trying to produce everything itself, W A Wijewardena, a former central bank deputy governor, has said. “Previously we thought it was English. Now we call it globish – global English – the language used by Chinese, Japanse […]
Sri Lankan stocks close flat
Oct 18, 2010 (LBO) – Sri Lankan shares closed flat Monday as retail investors continued to stay on the sidelines, while heavy buying interest on index heavy stocks pushed the Milanka index up, brokers said. Ceylon Leather Products, a unit of ERI closed at 97.30 rupees, up 4.00 (2.3 percent), while its Warrants 0012 closed […]
Viable Proposition
Oct 18, 2010 (LBO) – Sri Lanka’s Hatton National Bank aims to increase lending under its micro-finance portfolio as it has been found to be good business although misunderstood by many, chief executive Rajendra Theagarajah said. “Micro-finance is part of the ‘DNA’ of HNB, even though it accounts for only two percent of our balance […]
Credit Trend
Oct 18, 2010 (LBO) – Credit to Sri Lanka’s businesses from commercial banks rose 12.6 percent in August 2010 to 1,226.5 billion rupees from a year earlier while credit to government fell, official data shows. Sri Lanka’s petroleum firms for example are taxed till they run losses and prices are politically controlled. Growth in loans […]
Sri Lanka land delays seen holding up hotel projects
Oct 18, 2010 (LBO) – Delays in getting land are holding up new hotel projects in Sri Lanka which needs more rooms for an anticipated boom in arrivals with the end of a war, an official said. Hiran Cooray, chairman of the Jetwing hotel and travel group, said there was much pressure for new investments […]
Sri Lanka picks up Asian nominations in World Travel Awards
Oct 18, 2010 (LBO) – Sri Lanka’s has been nominated under few regional categories for Asia region in the World Travel Awards, but lost to countries like India, Singapore, China, Vietnam, Thailand and Indonesia which swept the boards. Sri Lanka is recovering from 30 years of war and the country has been named the top […]
Bitumen Packer
Oct 18, 2010 (LBO) – Sri Lanka’s state-run Ceylon Petroleum which has a 95 percent market share in bitumen, is looking for an investor to set up and run a plant to pack tar into barrels petroleum minister Susil Premajayantha said. “We are looking for an investor who can open a plant to pack barrels,” […]